The Market Is Flowing Like This Now | Executive Director Park Se-ik & Chesley Investment Advisory

Summary

Park Se-ik and Choi Ho discuss the semiconductor equipment normalization after the crowded AI and semiconductor unwind, highlight sharp price increases and re-rating potential in Simmtech and Samsung Electro-Mechanics, repeat a Carnival Cruise oil-driven range trade, and argue that customized HBM makes Korean memory names structural long-term holdings. KOSPI starts above 7,000 as the market recovers from the late July plunge, with some discussion of taking partial ETF profits. The conversation also covers foreign positioning and the Leonard fund liquidation as signs of the semiconductor bubble burst.

• Semiconductor equipment leaders Lam Research and Applied Materials are viewed as attractive after a valuation normalization selloff, supported by China legacy demand and advanced logic/DRAM equipment growth.
• Carnival Cruise is reiterated as a range trade: buy under $25 and sell into the $28-33 zone as oil prices fall.
• Simmtech is highlighted for accelerating module PCB and substrate prices and a low-value to high-value re-rating; Samsung Electro-Mechanics is also cited for MLCC/substrate price momentum.
• Park Se-ik argues that AI chips are designed from the start with customized HBM, making Samsung Electronics and SK hynix structural beneficiaries and buyable on memory downcycle dips.
• KOSPI breaks back above 7,000, and partial profit-taking on ETFs is briefly discussed after the recovery.
• Foreign put/call activity and the Leonard fund liquidation are reviewed as evidence of how crowded semiconductor positioning unwound.